The Central Bank of Nigeria (CBN) has disclosed in its half-year economic report, titled ‘Non-oil export earnings by exporters” that the total non-oil earnings on exports through banks have climbed to $1.21 billion in the first six months of 2020.
The CBN said, “Total non-oil export earnings received through the banks during the review period amounted to $1.21bn, representing a rise of 26.9 per cent relative to the extent within the preceding quarter, but a decrease of 77.6 per cent relative to the extent within the corresponding period of 2019.
“The development, relative to the preceding quarter’s level, was attributed largely to the increase within the export receipts from manufactured products, driven by increased receipts from plastics, textiles, footwear, drugs and pharmaceutical products, wood products, metals and metal products, electrical and electronics, and other manufactured products.”
A sectoral analysis showed that proceeds from minerals, industrial and made products rose by 107.6 per cent, 46.4 per cent and 42.5 per cent to $7.12m, $769.08m and $130.55m respectively, above the amount within the preceding quarter.
Receipts from food products and therefore the agricultural sector fell by 24.6 per cent and seven .4 per cent to $21.39m and $284.23m respectively below the amount within the preceding quarter.
The decline within the food products sub-sector was attributed to the autumn in receipts from wheat and fish.
The shares of the varied sectors in non-oil export proceeds showed industrial sector had 63.4 per cent; agricultural products, 23.4 per cent; manufactured products, 10.8 per cent; food products, 1.8 per cent and minerals, 0.6 per cent.